Catena Media Divests Italian Affiliate Business to Focus on North American Expansion

Catena Media Sharpens North American Strategy with Italian Asset Sale

In a decisive pivot towards North American opportunities, Catena Media has successfully concluded the sale of its Italy-facing affiliate business, including the well-known Superscommesse brand, for a sum of €19.8m. This divestment is a result of the company’s strategic reassessment aimed at consolidating and expanding its footprint in the burgeoning North American market.

Catena Media’s exit from the Italian market involves the transition of its operations to two distinct buyers, with the prominent player Oddschecker acquiring Superscommesse. The transaction process is partially complete, with full closure anticipated by the end of the current year.

The payment structure for this deal is staggered across three installments, with €12.8m expected in the latter part of 2023, and the remaining €7m split evenly over the first and second quarters of 2024. Reflecting on the past year, Catena’s Italian operations have generated revenue of €7.8m and an EBITDA of €3.4m.

Michael Daly, CEO of Catena Media, expressed confidence in the successful transition of their Italian brands, anticipating their flourishing under new stewardship which will support their growth and development.

This move is part of a broader strategy that has seen Catena Media offload assets worth €76m since its strategic overhaul commenced. This includes the notable sale of AskGamblers to Gaming Innovation Group (GiG). The proceeds from these divestitures are being strategically allocated towards debt reduction, thereby improving Catena’s leverage ratio.

Simultaneously, Catena is fortifying its North American presence, now established in 27 US states and Canadian provinces. Recent developments in the company’s leadership, such as the appointment of Pierre Cadena as VP of Corporate Strategy, underscore a renewed commitment to corporate development and strategic execution, setting the stage for Catena’s next chapter in the competitive gaming industry.